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Efficient and Competitive Rationing

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Author Info
Wilson, Robert B

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Abstract

Priority service rations available supplies according to contracts that specify each customer's priority or rank order. If customers' preferences are stable, this alternative market form can achieve most of the efficiency gains attributed to spot markets, which in some industries are expensive to organize. Rationing by priorities is prominent in capital-intensive industries with nonstorable outputs, as well as in service-sector and make-to-order industries where service is queued or congested. This paper describes the role of priority service and suggests a basic model. The main topic is efficient implementation by public enterprises and by competitive firms. Copyright 1989 by The Econometric Society.

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Publisher Info
Article provided by Econometric Society in its journal Econometrica.

Volume (Year): 57 (1989)
Issue (Month): 1 (January)
Pages: 1-40
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Handle: RePEc:ecm:emetrp:v:57:y:1989:i:1:p:1-40

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  1. Michael Sattinger, . "Price Dynamics and the Market for Access to Trading Partners," Discussion Papers 03-10, State University of New York at Albany, Department of Economics. [Downloadable!]
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  2. Khaïreddine Jebsi & Lionel Thomas, 2005. "Nonlinear pricing of a congestible network good," Economics Bulletin, Economics Bulletin, vol. 4(2), pages 1-7. [Downloadable!]
  3. Hoppe, Heidrun C. & Moldovanu, Benny & Ozdenoren, Emre, 2007. "Coarse Matching and Price Discrimination," CEPR Discussion Papers 6041, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  4. Noussair, Charles & Porter, David., 1990. "Allocating Priority with Auctions: An Experimental Analysis," Working Papers 747, California Institute of Technology, Division of the Humanities and Social Sciences. [Downloadable!]
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  5. Hoppe, Heidrun C. & Moldovanu, Benny & Sela, Aner, 2006. "The Theory of Assortative Matching Based on Costly Signals," CEPR Discussion Papers 5543, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  6. Michael Peters & Sergei Severinov, 1995. "Competition Among Sellers who offer Auctions Instead of Prices," Working Papers peters-95-02, University of Toronto, Department of Economics. [Downloadable!]
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  7. Rómulo Chumacero & Ricardo Paredes & José Miguel Sánchez, 2000. "Regulación para Crisis de Abastecimiento: Lecciones del Racionamiento Eléctrico en Chile," Cuadernos de Economía (Latin American Journal of Economics), Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 37(111), pages 323-338. [Downloadable!]
  8. DE VILLEMEUR, Etienne, 2007. "Une tarification saisonnière pour le gaz? Les coûts d'un schéma de régulation rigide pour un bien stockable dont la demande varie," IDEI Working Papers 434, Institut d'Économie Industrielle (IDEI), Toulouse. [Downloadable!]
  9. Richard Arnott, 1992. "Information and Usage of Congestible Facilities Under Free Access," Discussion Papers 974, Northwestern University, Center for Mathematical Studies in Economics and Management Science. [Downloadable!]
  10. Jeffrey K. MacKie-Mason & Hal R. Varian, 1994. "Pricing the Internet," Computational Economics 9401002, EconWPA. [Downloadable!]
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  11. Matsukawa, Isamu, 2006. "Regulating a Monopoly Offering Priority Service," MPRA Paper 991, University Library of Munich, Germany. [Downloadable!]
  12. William P. Rogerson, 2003. "Simple Menus of Contracts in Cost-Based Procurement and Regulation," American Economic Review, American Economic Association, vol. 93(3), pages 919-926, June. [Downloadable!] (restricted)
  13. Michael Peters, 1995. "On the Equivalence of Walrasian and Non-Walrasian Equilibria in Contract Markets: The case of Complete Contracts," GE, Growth, Math methods 9507001, EconWPA. [Downloadable!]
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